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Sales Tax Audit

NY Sales Tax Audit Terms

In a recent post, we discussed the sales tax audit procedure here in the State of New York. As we saw, the NY sales tax audit process is complex. If you find yourself saddled with an audit, you will almost certainly need to obtain a qualified tax attorney. Navigating the audit process by yourself is […]

Mercantile Trust

Lessons from Mercantile Trust Co. v. Comm.

As with any other area of law, the law of Sec. 1031 has gradually developed over the course of time. When Sec. 1031 was first introduced in the early 20th century, its contours were still unclear. The lawmakers who created the section had a sense of what it meant, but its operation, in practice, was […]

Pennsylvania 1031

Pennsylvania’s Odd Sec. 1031 Treatment

IRC Section 1031 applies to federal income taxation of capital gains. This means that an investor’s federal capital gains receive deferral treatment regardless of where he or she resides. However, the nonrecognition treatment of Section 1031 doesn’t necessarily apply to state taxation. We’ve discussed this on our blog before: state taxation is an additional layer […]

NYC Tax Attorney

NYC Tax Attorney Cases

A NYC tax attorney typically handles a wide variety of cases. From tax fraud to innocent spouse relief, the nature of a tax attorney’s caseload can be extremely diverse. Significantly, and given the fact that New York City has its own personal income tax, NYC tax attorneys must also be prepared to deal with a […]

AGI

AGI and Allowable Deductions

When we use the terms “above-the-line” and “below-the-line,” what does the “line” refer to? The answer is simple: the line is the demarcation between your adjusted gross income and taxable income. Your adjusted gross income (or AGI) is your gross income less any adjustments (or deductions) you claim. Your AGI is the figure you use […]

Tax Debt Relief

IRS Tax Relief Is Possible For You

Tax debt can occur for any number of reasons. Certain types of workers, for instance, are more likely to slip into tax debt than others. Those who work as independent contractors are a good example. That’s because they commonly calculate their tax liability incorrectly and so fall into tax debt. Independent contractors are those who […]

Refinance Student Loans

Why Refinance Student Loans

Lately, we have covered the issue of student loan debt from a variety of angles. See, e.g., Should the Government Forgive Student Loan Debt, January 31, 2019; and Strategies For Paying Off Student Loan Debt, December 21, 2018, and Can Student Loan Debt Ever Be Discharged, December 5, 2018. This is not surprising: millennials are […]

Enron accounting

The Role of Accounting in Enron’s Downfall

We’ve written about Enron a number of times on our blog. There are several reasons for this. For one, the fall of Enron was one of the most disastrous scandals in the history of corporate America. When the dust settled, thousands and thousands of employees had lost their jobs, pensions, and, in some cases, their […]

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